Sustainability and future of the oil and gas industry: a mini-review

Abstract

This work presents a global perspective on the future of the oil and gas industry by exploring the role of energy companies in navigating energy transition, given their historical prominence in actively contributing to the ongoing climate crisis to meet growing energy demand. The current oil and gas industry is perceived as incompatible with sustainable development as society turns increasingly towards renewable technologies. The development and integration of renewable technologies such as carbon capture, nanoparticles, and hydrogen are essential for key energy players to reposition themselves successfully and sustainably amidst energy diversifications. Geopolitical, economic, and technological factors influence these strides toward co-existing in a more prospective energy mix. The duality of geopolitical dynamics is manifested through positive or negative policy advocacy for energy integration. Hence, it dictates energy companies' economic resilience into more low-carbon, hybrid renewable technological investments and operations.

Keywords

• sustainability; energy transition; oil and gas industry